Level 3 is a major IP carrier in North America, Europe, and parts of Asia. It has recently recognized its advantages as a wholesale carrier and focused activities to extend its wholesale customer base. However, it still carries significant debt, continues to lose money, and had to absorb a fall in revenues in 2009 as a result of the weak global economy. While it restructures and pays off its debt, Level 3 must execute on its wholesale focus to build revenue and attract a customer base comprising a wide range of intermediaries.